Commerce Ministry promotes Thailand as source of plant-based foods
Thailand is aiming to become the world’s leading source of high-protein plant-based ingredients, capitalising on the global culinary trend, the Commerce Ministry announced on Monday.
This latest ambition aligns with the rapidly growing rate of plant-based consumption, driven by consumer demand for healthier diets and concerns over animal welfare and environmental impacts.
Poonpong Naiyanapakorn, director-general of the Trade Policy and Strategy Office (TPSO) at the Commerce Ministry, pointed out that the future of Thailand’s plant-based food products is significantly different from the past and highlighted the country’s potential as a global source of healthy food raw materials.
Emphasising Thailand’s agricultural richness, Poonpong noted the sector’s substantial improvement.
“The agricultural sector is employing technology and innovation to enhance production efficiency, including the processing of agricultural products into raw materials for plant-based food production,” he explained. “This will create business opportunities for entrepreneurs both domestically and internationally.”
Thailand boasts a relatively comprehensive food industry value chain, encompassing crop cultivation, production, and processing. Coupled with the global recognition of Thai cuisine, the country possesses the potential to excel in plant-based food production and trade.
Furthermore, Thailand’s position as a health and medical tourism destination offers an additional advantage. Plant-based food aligns with the growing consumer focus on environmental and health concerns within this sector.
However, the Thai plant-based food industry chain requires comprehensive development in production, processing, marketing, research, technology, innovation, databases, investment, and legal frameworks to bolster agricultural trade. This will enable the creation of added value for Thai agricultural products, positioning the country as a global plant-based food hub.
According to Euromonitor, the global plant-based food market value experienced a compound annual growth rate (CAGR) of 10.5% between 2019 and 2024, reaching an estimated market value of approximately $25 billion in 2024.
In the Krungthai Compass report from 2020, the plant-based market in Thailand was projected to be worth 45 billion baht in 2024, with a CAGR of 10%, closely mirroring the global market growth.
This surge is attributed to evolving consumer habits as well as government support for technological advancements and production innovation.
Additional driving factors include global population growth, the changing climate’s impacts on food security, an ageing population and advances in agricultural and food processing technology.
